If you suffer from Depression and you need life insurance then you may find it difficult to get it at the right price, or you might simply want to speak to someone that understands your needs. In this section, we look at how easy it can be to get life insurance for people who suffer from Depression, and how the process works.

 

 

How it works

Underwriting for life insurance with Depression will depend on a number of key factors, such as:

  • Age at diagnosis
  • Any event relating to diagnosis
  • Most recent attack / episode
  • Any instances of self-harm
  • Suicidal attempts
  • Medication / Treatment / Counselling

The Insurance Surgery has a vast amount of experience in working with people who suffer from Mental Health problems and we work with a number of major mental health charities, such as Mind and Rethink.

Case Study 1

  • Cover: Joint
  • Client One: Male
  • Age: 66
  • Smoker Status: Non-Smoker
  • Condition: Depression
  • Other Conditions: Raised Cholesterol and Acid Reflux
  • Diagnosis Date: Depression – 2006
  • Client Two: Female
  • Age: 54
  • Smoker Status: Non-Smoker
  • Condition: Osteoarthritis
  • Other Conditions: Asthma and Acid Reflux
  • Diagnosis Date: Osteoarthritis – 2015
  • Cover Date: March 2016
  • Product Type: Decreasing Term Assurance – Mortgage Protection
  • Cover Amount: £35,000
  • Cover Term: 8 years
  • Premium: £25.28

Case Study 2

  • Client: Female
  • Age: 30
  • Smoker Status: Smoker
  • Condition: Depression
  • Diagnosis Date: April 2001
  • Cover Date: May 2015
  • Products: Multiple Policies
  • Product One: Level Term Assurance – Family Protection
  • Cover Amount: £180,000
  • Cover Term: 10 years
  • Premium: £20.77
  • Product Two: Level Term Assurance with Critical Illness Cover – Family Protection
  • Cover Amount: £70,000
  • Cover Term: 10 years
  • Premium: £26.37
  • Combined Premium: £47.14

Case Study 3

  • Client: Male
  • Age: 57
  • Smoker Status: Smoker
  • Condition: Depression
  • Other Conditions: Anxiety
  • Diagnosis Date: February 2003
  • Cover Date: October 2015
  • Product Type: Decreasing Term Assurance – Mortgage Protection
  • Cover Amount: £91,000
  • Cover Term: 7 years
  • Premium: £56.42

Most Common Questions

Life Insurance for Depression will depend on the severity of the condition, your current treatment / medication and any hospitalisation or suicidal attempts. Insurers underwriting can vary dramatically for Mental Health so it is important that we apply to the best company for your circumstances and ensure that we have all the information that we need. In some cases, it may be possible to get Life Insurance for Depression with no loadings if well controlled with no recent attacks / episodes.

Some insurance providers are stricter than others when it comes to Mental Health and Life Insurance which can mean that you will find decisions can also vary widely. It is important that we approach the best provider for your circumstances and in some more severe cases, we can offer specialist products from our wider panel of insurers that we work with.

Generally, you may be considered for other products such as Critical Illness Cover or Income Protection even if you have a history of Depression. It will depend on the severity of your condition, medication / treatment and any other related issues such as suicidal attempts, alcohol abuse or self-harm

Contact Con today to find out more about protection cover.